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A contra asset account for Land will normally appear in the balance sheet.?
A contra asset account for Land will normally appear in the balance sheet.
True/False
3 Answers
- recycle bLv 71 decade agoFavorite Answer
False. Land is a long term asset that is not depreciable.
If you have a building or other fixed assets the Building would be a debit balance and the accumulated depreciation would be the contra asset. (credit balance).
- Anonymous1 decade ago
Your depreciation list includes all the assets including land value:
The TOTAL cost of the assets , including land is debited to the fixed asset account when it is purchased.
The should be listed on your depreciation schedule along with the other assets. When a business files their Federal Income tax. They show the Total Value of the asset and deduct the land value, which cannot be depreciated.
so the answer is true, and it belongs on the bal sheet
Source(s): 25 years in Public Accounting - Anonymous5 years ago
C ..i believe..
